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Sensex Pares Gains; Telecom Sector Witnesses Selling
Tue, 5 Sep 01:30 pm

After opening the day in green, share markets in India witnessed choppy trades and pared early gains and are currently trading marginally above the dotted line. Sectoral indices are trading on a mixed note with stocks in the realty sector and stocks in the consumer durables sector leading the gains. Stocks in the telecom sector are trading in red.

The BSE Sensex is trading up by 30 points (up 0.1%), and the NSE Nifty is trading up by 11 points (up 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 64.10 to the US$.

In news about the economy. India's services sector activity continued to be impacted by the implementation of the goods and service tax (GST) regime in July. The country's predominant sector witnessed contraction for the second consecutive month, according to the Nikkei Services Purchasing Managers' Index (PMI) survey by Markit.

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The Services PMI is the reading of the country's services sector output and is updated monthly. A reading above 50 indicates expansion, while any score below the mark denotes contraction.

A second consecutive drop in new business resulted in another monthly decline in activity. The services PMI for August finished at 47.5, signaling slow recovery from the 45.9 in July.

Services PMI Feels GST Impact

Though the downturn was less severe than in July, jobs were shed due to fewer workloads, and backlogs were also accumulated. The services sector had slipped into contraction in July as confusion caused by the GST rollout triggered a dip in new business orders.

Although manufacturing production rebounded from July's downturn, growth was insufficient to offset the contraction in services activity. According to the survey, the downturn was often associated with the implementation of the GST, though there was also a mention of shortages of inputs.

Despite service providers retaining an optimistic view towards the year-ahead outlook for activities, overall sentiment decreased in August. Survey participants indicated that the new taxation system and advertising campaigns are anticipated to support growth, but there were worries about competitive pressures.

In news from the banking and finance sector. Housing credit growth slowed down to 14% for the twelve months ended June 2017, compared to 19% in June 2016 according to a report by ratings agency ICRA.

Slowdown in new project launches, expectation of a decline in real estate prices, implementation of RERA & GST resulted in a slowdown housing credit growth. Preference of end users for finished inventory /RERA approved projects also resulted in a slowdown.

The overall housing credit to Rs. 14.6 trillion as on June 30, 2017. Asset quality of housing finance companies deteriorated to 1.2% in the first quarter ended June 30, 2017 from 0.8% in March 2017 due to increase in non-housing book non-performing assets (NPAs) builder finance, loan against property.

Deterioration in asset quality indicators of some players in the affordable housing segment was also witnessed owing to seasoning of portfolio as well as some impact of demonetization.

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Please Note: The stock price of Yes Bank on NSE-50 is not adjusted for face value split. Kindly refer to its BSE's quote today for the adjusted price.

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Sep 22, 2017 03:27 PM

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